Stanphyl Capital Management July Letter To Investors

For July 2017 the fund was down approximately 0.9% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 2.1% while the Russell 2000 was up approximately 0.7%. Year to date the fund is down approximately 16.7% net while the S&P 500 is up approximately 11.6% and the Russell 2000 is up approximately 5.8%. Since inception on June 1, 2011 the fund is up approximately 90.1% net while the S&P 500 is up approximately 109.4% and the Russell 2000 is up approximately 83.2%. Since inception the fund has compounded at approximately 11.0% net annually vs 12.7% for the S&P 500 and 10.3% for the Russell 2000. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two; meanwhile I continue to waive the annual management fee until we regain our high-water mark.This has been an awful year for us, and yet the fund has been down roughly this much before and

This has been an awful year for us, and yet the fund has been down roughly this much before and subsequently went on to recover that downdraft and set a new all-time high NAV, and I have every intention that it will do so again. This year’s terrible performance has been almost entirely due to our short position in Tesla, whereby despite having an overwhelming number of facts on our side (detailed, as usual, below) the stock is up 51% this year. Meanwhile, as a value investor it’s currently tough to find any companies cheap enough to buy; Howard Marks from Oaktree Management did a great job this month summarizing how incredibly overvalued this market is– here’s the link and here are the highlights:

Subscribe to our mailing list

REFER A FRIEND

You can refer a friend and for each member (who completes the 7 day trial) you get $100 off your membership or $50 in cash if not a member (YEARLY for every time they resubscribe and pay). Refer a firm and make thousands!

Tell your friend when they sign up to tell us who referred them to collect your prize!

Privacy Preference Center

Consent Management

Cookies

We use a feature of your internet browser called a ‘cookie’ on the this website. We do not use ‘cookies’ to retrieve personal information about you from your computer. We will only gain such information if you have knowingly and willingly provided such information to us.

Cookies Used

Always Active

We hope that after you have read our policy you will have sufficient details about the ‘cookies’ used on the website to be reassured that we use them responsibly.

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

Our Privacy Policy has been updated.

To continue using the site you need to read the revised version and agree to the terms.

Friends and Fellow Investors:

For July 2017 the fund was down approximately 0.9% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 2.1% while the Russell 2000 was up approximately 0.7%. Year to date the fund is down approximately 16.7% net while the S&P 500 is up approximately 11.6% and the Russell 2000 is up approximately 5.8%. Since inception on June 1, 2011 the fund is up approximately 90.1% net while the S&P 500 is up approximately 109.4% and the Russell 2000 is up approximately 83.2%. Since inception the fund has compounded at approximately 11.0% net annually vs 12.7% for the S&P 500 and 10.3% for the Russell 2000. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two; meanwhile I continue to waive the annual management fee until we regain our high-water mark.This has been an awful year for us, and yet the fund has been down roughly this much before and

This has been an awful year for us, and yet the fund has been down roughly this much before and subsequently went on to recover that downdraft and set a new all-time high NAV, and I have every intention that it will do so again. This year’s terrible performance has been almost entirely due to our short position in Tesla, whereby despite having an overwhelming number of facts on our side (detailed, as usual, below) the stock is up 51% this year. Meanwhile, as a value investor it’s currently tough to find any companies cheap enough to buy; Howard Marks from Oaktree Management did a great job this month summarizing how incredibly overvalued this market is– here’s the link and here are the highlights: